The global processed meat market size is expected to witness significant growth owing to growing preference for organic meat products and increasing demand for innovative food products across the globe. Fortune Business Insights, publish this i8nformation in its latest report, titled “Processed Meat Market Size, Share & Industry Analysis, By Type (Frozen, Canned, and Chilled), Animal Type (Poultry, Beef, Pork, and Others), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Specialty Stores, and Others), and Regional Forecast, 2020 – 2032.” According to the report, the market is projected to reach USD 1101.94 billion by 2032, while exhibiting a CAGR of 6.06% between 2020 and 2032. The report further observes that the market was worth USD 519.41 billion in 2019.
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A processed meat usually undergoes modification in order to improve its taste and shelf life suitable for consumption. Additionally, processed meat involves products that contain either 100% meat or at time minimum amount of meat. Furthermore, they include products such as chicken sausages, canned tuna, corned beef, canned meat, and bacon, among others. They are easy to cook and can be consumed anytime, while involving minimal time for cooking. According to a report by the American Meat Institute (AMI), 96% of the Americans include meat and poultry products in their diet.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/processed-meat-market-100556
What does the Report Include?
The market report includes detailed quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. Furthermore, it includes the competitive landscape that involves leading companies and adoption of strategies by them to innovate novel products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Drivers and Restraints:
Increasing Demand for Organic Processed Meat Products to Promote Growth
The synthetic food products contain nitrites and nitrates in larger quantities and high consumption of the products have harmful effects on the human body and may lead to cancer in some cases. Therefore, the growing demand for safe and healthy food products is driving the demand for organic animal husbandry. Additionally, organic processed meat products contain fewer pesticides, are fresh, and have a longer shelf life as compared to synthetic products. Furthermore, growing demand for convenience and ready-to-eat products is propelling the manufacturers to opt for organic meat products that are anticipated to drive the global processed meat market growth in the forthcoming years.
COVID-19 TO Drive the Sales of the Product
The global pandemic has had a widespread effect on several economies across the globe, while everything remains on the standstill. Several regions are under lockdown imposed by the government agencies worldwide that is hampering the growth prospects. However, the imposed lockdown owing to the novel coronavirus is surging the demand for convenience food products that can be consumed in less time and come with longer shelf life. This is likely to bode well for the growth of the market as people are preferring healthy organic processed meat products and seen as a positive sign for at least a couple of years.
Regional Insights:
High Demand for Healthy Convenience Food Products in North America to Foster Growth
Among the regions, the market in North America was worth USD 212.05 billion in 2019 and is expected to hold the highest global processed meat market revenue during the forecast period. This is ascribable to factors such as increasing demand for convenience food products and high-protein animal meat products. Additionally, strong network of distribution channel in the region is expected to aid the market growth. Europe, on the other hand, is expected to be the second-most leading region during the projected horizon. This is attributable to factors such as presence of large population consuming processed meat in countries such as Italy, Germany, and France in the region.
The market in Asia-Pacific is likely to witness significant growth owing to rising urbanization and high disposable income among the working population. Moreover, high adoption of ready-to-eat food products in the region will aid in market growth between 2020 and 2027.
Competitive Landscape:
Dawn Farms Acquiring Haas GmbH to Stoke High Demand
In October 2019, Dawn Farms, an Ireland-based meat-producing firm, announced its acquisition of Haas GmbH, a German cooked meat producer. According to the company, acquiring the German Haas will enable it to gain a footprint in the lucrative German market, while exploring its business acumen outside Ireland and the UK for the first time. Larry Murrin, CEO of Dawn says, “Our Company has been serving the European market for the past 25 years and this acquisition is an important step for our endeavors to establish our manufacturing presence in the German market and continue to consolidate our business.”
List of the Companies Proliferating in the Market:
- Hormel Foods Corporation (United States)
- Conagra Brands Inc. (United States)
- Foster Farms (United States)
- JBS S.A. (Brazil)
- Tyson Foods Inc. (United States)
- Smithfield Foods, Inc. (United States)
- Cargill Incorporated (United States)
- Pilgrim's Pride Corporation (United States)
- The Kraft Heinz Company (United States)
- China Xiangtai Food Co., Ltd. (China)
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